Common use of Voluntary Termination by the Entity Clause in Contracts

Voluntary Termination by the Entity. The Entity may, after the expiration of one year from the Substantial Completion of the Project, notify the Township in writing that, as of a date certain designated in such Notice, it relinquishes its status as an Urban Renewal Entity. As of such date, continuation of the tax exemption, the Annual Service Charges hereunder, and the profit and dividend restriction shall terminate, and Section 10.3 below shall control. A final accounting pursuant to N.J.S.A. 40A:20-12 shall be a requirement of termination.

Voluntary Termination by the Entity. The Entity may, after the expiration of one year from the Substantial Completion of the Project, notify the Township Borough in writing that, as of a date certain designated in such Noticenotice, it relinquishes its status as an Urban Renewal Entity. As of such date, continuation of the this tax exemption, exemption the Annual Service Charges hereunder, and the profit and dividend restriction shall terminate, and Section 10.3 below shall control. A final accounting pursuant to N.J.S.A. 40A:20-12 shall be a requirement of termination.

Voluntary Termination by the Entity. The Entity may, may after the expiration of one year from the Substantial Completion completion date of the Project, Project notify the Township in writing that, Municipal Council of the City that as of a certain date certain designated in such Noticethe notice, it relinquishes its status as an Urban Renewal Entitya tax exempted project. As of such datethe date so set, continuation of the tax exemption, the Annual Service Charges hereunder, service charges and the profit and dividend restriction shall terminate. Upon termination, and Section 10.3 below the Entity shall control. A provide a final accounting and pay any reserve, if any, to the City pursuant to the provisions of N.J.S.A. 40A:20-12 shall be a requirement of termination13 and 15.

Voluntary Termination by the Entity. The Entity may, after the expiration of one year from the Substantial Completion of the Project, notify the Township in writing that, as of a date certain designated in such Notice, it relinquishes its status as an Urban Renewal Entity. As of such date, continuation of the this tax exemption, exemption the Annual Service Charges hereunder, and the profit and dividend restriction shall terminate, and Section 10.3 below shall control. A final accounting pursuant to N.J.S.A. 40A:20-12 shall be a requirement of termination.